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View Diary: It's Not 'Tax Cuts' or 'Tax Relief', It's Welfare For The Wealthy—Call It That (21 comments)

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  •  Roby, it's not a daily event (0+ / 0-)

    The IRS allows you to calculate this on a tax year basis. There is no requirement that it there is a daily calculation. However, you have to keep very detailed, believable records likely backed up with chip purchase and redemption records at the casinos. I am not a gambler so I am just going by the IRS documents and what I have read in the past.

    "let's talk about that"

    by VClib on Sat Jul 14, 2012 at 08:31:54 AM PDT

    [ Parent ]

    •  Wouldn't make sense (0+ / 0-)

      Then it wouldn't make any sense to have a gambling loss deduction at all, since they can't report losses greater than wins anyway.

      All wins over certain thresholds are reported by casinos to IRS so gambler has to enter as income, regardless of whether they came out in the red for the year.

      That's why casual gamblers want to continue to be able to list their aggregated daily losses on itemized deductions.

      Our cause: a More Perfect Union.

      by Roby NJ on Sat Jul 14, 2012 at 09:17:09 AM PDT

      [ Parent ]

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